October-December 2024

• Net sales increased to SEK 8,100 million (7,717)
• EBITA increased to SEK 901 million (654), margin 11.1 per cent (8.5)
• EBITA increased 44 per cent year-on-year after adjustment for the negative calendar effect in the quarter
• EBIT increased to SEK 885 million (618), margin 10.9 per cent (8.0)
• Profit for the period increased to SEK 597 million (417) 
• Earnings per share increased to SEK 1.66 (1.16) and diluted earnings per share increased to SEK 1.65 (1.16)

January-December 2024

• Net sales increased to SEK 30,676 million (28,523)
• EBITA increased to SEK 3,076 million (2,531), margin 10.0 per cent (8.9)
• EBITA increased 20 per cent year-on-year after adjustment for calendar effects 
• EBIT increased to SEK 3,015 million (2,416), margin 9.8 per cent (8.5)
• Net debt/EBITDA decreased to 0.4x (1.1)
• Net debt decreased to SEK 1,521 million (2,961)
• Profit for the period increased to SEK 2,072 million (1,667)
• Earnings per share increased to SEK 5.76 (4.65) and diluted earnings per share increased to SEK 5.75 (4.64)
• The Board of Directors proposes a dividend distribution of SEK 3.30 per share (2.95)

Comments from President and CEO Åsa Bergman:

"A strong finish to a successful year
Sweco ended the year with strong results for the fourth quarter. Net sales grew 5 per cent, while EBITA increased 44 per cent, adjusted for calendar effect. The EBITA margin improved to 11.1 per cent. We continue to see the results of the efficiency measures taken during the year as well as of Sweco's ability to successfully navigate a mixed market.

Sweco continued to strengthen its order backlog in a market that remained generally unchanged compared to previous quarters. There was continued healthy demand within energy, water, environment, infrastructure, security and defence. As in previous quarters, demand remained weaker in the residential and commercial buildings segments as well as in parts of the industry segment.

The fourth quarter concluded a successful year for Sweco marked by several financial milestones. In 2024, net sales surpassed SEK 30 billion, EBITA exceeded SEK 3 billion and we delivered a full year double-digit margin for the first time in over a decade. We have continued to prove the strength of our strategy and operating model, and we are well-positioned going into 2025. 

Financial performance
Net sales increased to SEK 8,100 million (7,717) and EBITA increased to SEK 901 million (654), corresponding to an EBITA margin of 11.1 per cent (8.5). Adjusted for the negative calendar effect of SEK 41 million in the quarter, EBITA increased 44 per cent or SEK 288 million and the organic sales growth rate was 4 per cent. Even though the fourth quarter last year was relatively weak, the EBITA and margin improvements in this quarter were strong. The positive trend mainly being driven by higher average fees and an improved billing ratio.

Seven out of eight business areas improved EBITA in the quarter, adjusted for the calendar effects. Sweden, Belgium, Denmark, the Netherlands, Finland, and Germany & Central Europe all delivered double-digit margins. It is notable that, driven by implemented efficiency measures, Sweco Finland improved EBITA and margin significantly in a still weak market. Norway delivered solid growth, but with profitability still affected by weak demand for residential and commercial buildings. The actions taken in the UK continue to have an effect, with a turnaround to profit from a significant loss in Q4 last year.

New projects and acquisitions 
The quarter saw some exciting project wins. We secured a framework contract to support the City of Helsinki in their SEK 13.7 billion programme to build new tracks for rail-driven and carbon-neutral transportation as part of their "15-minute city" vision for 2030. 

We also demonstrated our broad expertise in architecture and engineering in the public buildings segment by winning major hospital projects both in Sweden and in Germany. In Sweden, Sweco will design Kiruna's new regional hospital, and in Germany we will support the development of a new medical care centre in Göttingen and refurbishment of an existing hospital in Nuremberg.

Adding to this, we began 2025 by entering a three-year agreement with Norwegian Statkraft, Europe's largest producer of renewable energy, to support increased power production and enhanced energy supply security. 

On 9 January, we announced the first acquisition of 2025. Finnish geotechnical specialist Sipti Consulting will add 50 experts and strengthen our position within geotechnical and environmental engineering.

Priorities going forward
As we close another year of profitable growth for Sweco, 2024 clearly demonstrates the strengths of our strategy and operating model. We captured growth opportunities while managing market challenges and have successfully implemented measures that will continue to improve our profitability over time. Sweco's experts play a vital role in planning and designing a stronger, more competitive and resilient Europe. I want to conclude by thanking all colleagues, clients and partners for all your hard work and dedication throughout 2024." 

Information meeting
Sweco's President and CEO Åsa Bergman and CFO Olof Stålnacke will comment on the report in a webcast and teleconference on 7 February at 09:00 CET. 

• Webcast registration: Click here
• Conference call registration: Click here
   

Press photo

• Åsa Bergman, President and CEO of Sweco, free use. Please credit photographer: Tobias Regell.